1.2.2 rent revenue adjustment ..... reporting period?

[Stormer]

For ledger i did

CR bank 55000
CR prepaid rent rev 5000
DR p&l summary 60000


This is so wrong isn't it?

Thats exactly what I wrote haha xD (was the first thing I thought of after reading it), I'm not so sure if it's right or not but I think you had to factor in the fact that the person could not repay the November payment as well as the December payment, so that means 2 months was accrued and 10 months were earned (had no clue that the question was relating to that passage above it!!)

No. December payment would have been prepaid so it doesn't matter. Only November payment.

[lilaznkev1n]

I just hope they allow it for one month reporting period as well as the people who did it for a one year reporting period cause i did it for one month....

[_avO]

Sigh if 10% of the exam is given full marks..

[ckg93]

For ledger i did

CR bank 55000
CR prepaid rent rev 5000
DR p&l summary 60000

You have to include the accrued from the previous year as well... So it's 11 months worth

This is so wrong isn't it?

Thats exactly what I wrote haha xD (was the first thing I thought of after reading it), I'm not so sure if it's right or not but I think you had to factor in the fact that the person could not repay the November payment as well as the December payment, so that means 2 months was accrued and 10 months were earned (had no clue that the question was relating to that passage above it!!)